CapitaMalls Asia ties up with PARCO

Shopping mall developer and operator CapitaMalls Asia has signed an agreement with Japan’s PARCO to explore business collaborations in China and Japan.

PARCO owns 20 malls in key Japanese cities including Tokyo, Osaka, Nagoya, Fukuoka and Sapporo.

It also manages one property in Singapore’s Marina Bay area.

CapitaMalls Asia has been bringing Japanese retailers to its other markets outside Japan.

It said the proposed collaboration with PARCO will further strengthen this effort by tapping on PARCO’s extensive network of retailers in Japan.

CapitaMalls Asia already has seven shopping malls in Japan and intends to leverage on PARCO to explore new investment opportunities in the country.

CEO of CapitaMalls Asia, Mr Lim Beng Chee said Singapore shoppers are familiar with well-known brands such as MUJI, UNIQLO, Daiso and Best Denki.

However, he added that there are still many more Japanese retailers that have yet to be introduced to Asia.

Mr Lim said the collaboration will enable PARCO’s network of tenants to grow their business in the 92 malls that CMA currently owns and manages in Asia.

Source : Channel NewsAsia – 13 Apr 2011

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